On October 3, the second morning of its new term, the Supreme Court of the United States (SCOTUS) heard oral arguments in the case of Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited. This case is the latest iteration in the broadside attacks on the Bureau by an industry hoping to neuter its impact, at least during periods of Republican control of Congress.
The government is appealing the decision of the Fifth Circuit Court of Appeals that invalidated the CFPB’s Payday Lending Rule on the ground that CFPB’s funding under the 2010 Dodd-Frank Act is unconstitutional. The Fifth Circuit proceedings and background of the dispute have been discussed previously here.
